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United States of America
Before the
Securities and Exchange Commission
SECURITIES EXCHANGE ACT OF 1934
Release No. 37254 / May 30, 1996
ADMINISTRATIVE PROCEEDING
File No. 3-9014
ADMINISTRATIVE AND CEASE-AND-DESIST PROCEEDINGS INSTITUTED
AGAINST GREENWAY CAPITAL CORPORATION AND JOSEPH M. GUCCIONE
The Commission has instituted public administrative and
cease-and-desist proceedings pursuant to Sections 15(b), 19(h)
and 21C of the Securities Exchange Act of 1934 ("Exchange Act")
against Greenway Capital Corporation ("GWAY"), a broker-dealer
registered with the Commission since September 22, 1989, and its
president, Joseph M. Guccione ("Guccione"). GWAY is
headquartered in New York, New York and has a branch office in
Boca Raton, Florida. The administrative and cease-and-desist
proceedings are based upon allegations that between May 1994 and
January 1995, the Boca Raton, Florida branch office of GWAY
effected transactions in the common stock of IDC Holdings, Ltd.
in willful violation of the penny stock disclosure rules of the
Exchange Act and that Guccione caused those violations.
A hearing will be scheduled to determine what remedial
sanctions, if any, will be imposed against GWAY and Guccione.